Required information [The following information applies to the questions displayed below.] On January 1 of 2023, Jason and Jill Marsh acquired a home for $500,000 by paying $400,000 down and borrowing $100,000 with a 3 percent loan secured by the home. On January 1 of 2024, the Marshes needed cash, so they refinanced the original loan by taking out a new $250,000. 3 percent loan. With the $250,000 proceeds from the new loan, the Marshes paid off the original $100,000 loan and used the remaining $150,000 to fund their son's college education. b. Assume the original facts, except that the Marshes use the $150,000 cash from the refinancing to add two rooms and a garage to their home. What amount of interest expense on the refinanced loan may the Marshes deduct in 2024? Deductible interest expense